$4\mathrm{.}7$ Financial Considerations of Home Ownership

Example $6$

A new homeowner secures a $30-$year, $3\mathrm{.}25\%$ fixed$-$rate mortgage of $$315,000.$ What is the monthly

mortgage payment?

Example $7$

A homeowner secures a $$400,000,20-$year loan at an annual interest rate of $3\%.$ The monthly payment for

the loan is $$2218\mathrm{.}39.$

a$.$ How much of the first month's payment was interest?

b$.$ How much was principal that went to paying$-$off the loan?

c$.$ What is the new loan balance?